At time t0, a speculator takes a long position in a futures contract that will expire at time T. The present value of this contract to the speculator is given by: oract to the speculator is given by Where r is the risk-free rate, and k is the investor's required rate of return on the investment. Assume no-arbitrage pricing. Show analytically that if the return from the underlying is positively correlated with the overall return on the stock market, then the futures market must be in backwardation. (2 points) At time t0, a speculator takes a long position in a futures contract that will expire at time T. The present value of this contract to the speculator is given by: oract to the speculator is given by Where r is the risk-free rate, and k is the investor's required rate of return on the investment. Assume no-arbitrage pricing. Show analytically that if the return from the underlying is positively correlated with the overall return on the stock market, then the futures market must be in backwardation. (2 points)